Bitcoin strikes record high above $69,000

Bitcoin hit a record high above $69,000 Tuesday, buoyed by the world's biggest cryptocurrency becoming more accessible for trading amid tightening supplies.

Bitcoin reached $69,191.94, beating a record $68,991 struck in November 2021.

The volatile asset later retreated to $65,129.

Bitcoin has enjoyed an unbridled rise in the run-up to and since the approval of a new type of investment indexed to the cryptocurrency.

"The leading crypto coin has been on an impressive run higher in recent weeks," noted James Harte, analyst at traders Tickmill.

"The question now is whether the rally has the legs to sustain."

Bitcoin and other cryptocurrencies have shown themselves to be extremely volatile, triggering warnings directed at small investors by regulators and central banks.

At its current price, bitcoin has soared more than 50 percent since January, when it stood at about $43,000.

However it slumped to $15,000 in November 2022 following the collapse of crypto exchange FTX.

Its boss Sam Bankman-Fried faces up to 110 years in prison for what prosecutors described as "one of the biggest financial frauds in American history".

Elsewhere, Changpeng "CZ" Zhao in November stepped down as CEO of Binance, the world's biggest crypto exchange, after he and the company pleaded guilty to sweeping money laundering violations.

Despite the scandals, bitcoin is gaining wider popularity.

 Growing demand 

Since their approval on Jan. 10 by U.S. securities regulators, exchange-traded funds (ETFs) indexed to bitcoin have theoretically enabled a wider public to invest in the cryptocurrency without having to hold it directly.

The funds themselves, however, do invest in the digital...